Buying a house has always been a hot topic for people to discuss. The down payment ratio for buying a house is also closely related to people. After all, you need to know how much money you have to prepare. So what is the down payment ratio for a first home?
The down payment ratio for the first home
30%, which may vary in different regions. The down payment is the minimum proportion of the first payment according to the national proportion when buying a house. Of course, the payment can be higher than this amount, but it cannot be lower than it. The remaining amount is borrowed from a bank.
From June 1, 2006, the down payment ratio of personal housing mortgage loans shall not be less than 30%. Taking into account the housing needs of low- and middle-income people, the down payment ratio of 20% is still required for those who purchase self-occupied houses with a floor area of ??less than 90 square meters.
The requirement is that the down payment for the first house is 30% of the total house price, and the down payment for the second house is 60% of the total house price. Because of the risk of loan repayment, relevant departments will require home buyers to provide a part of the down payment, that is, to pay a part of the house payment personally in advance to prove that you have the ability to repay.
On March 25, 2020, Shanghai announced the "Several Opinions on Further Improving the City's Housing Market System and Security System to Promote the Stable and Healthy Development of the Real Estate Market", which clarified that households owning one house would be exempted.
If you apply for a commercial personal housing loan again to purchase an ordinary self-owned house to improve your living conditions, the down payment ratio shall not be less than 50%; if you purchase a non-ordinary self-owned house, the down payment ratio shall not be less than 70%.
What is the interest rate for a first home loan?
From the beginning, if you choose LPR floating interest rate, the mortgage interest rate will switch once a year. If we take January 1st as the time point, then the first batch of mortgage interest rate conversions is coming.
How much can mortgage interest rates drop this time? Since then, the central bank has carried out two rounds of LPR interest rate cuts in one month: the 1-year LPR interest rate: reduced from 4.15% to 3.85%, a cumulative interest rate reduction of 30 basis points; the 5-year LPR interest rate: reduced from 4.8% to 4.65%, a cumulative interest rate reduction 15 basis points.
Housing loans are almost all medium and long-term loans, based on the 5-year LPR interest rate. As long as you choose a floating interest rate, the mortgage interest rate will be reduced by 15 basis points. This means that existing mortgage loans will see an interest rate cut for the first time since then, and the floating of mortgage interest rates has officially begun. You should know that the benchmark interest rate of policy loans has been maintained at 4.9% for a long time. Although the floating rate has always changed, because the benchmark interest rate has not moved, past mortgage loans have not been able to be adjusted.
This time it is reduced by 15 basis points, equivalent to 0.15%. Calculated based on a 1 million 30-year mortgage loan, the cumulative savings can be 1,080 yuan. Although this number seems better than nothing, the LPR floating interest rate converts every year. If the central bank continues to cut interest rates in the future, the repayment amount will continue to decrease, and vice versa.
There are two points worth noting behind this: First, it does not involve provident fund loans. This time the LPR interest rate reform only involves commercial loans, and provident fund loans remain unchanged. Second, fixed interest rates are not affected either.
With the interest rate fixed, the mortgage will remain unchanged throughout the loan repayment cycle. This way, it will not be affected by the economic cycle and interest rate increases and decreases. It will neither be able to enjoy the benefits of interest rate cuts nor accept interest rate increases. new costs brought about.
The down payment ratio for a first home is generally 30%, which may vary in different regions. The first home loan interest rate has also been reduced. Do you have any plans to buy a house?